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201204840 monthly payments which ate refened to in paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the enrity legally entitled thereto. In the event of for�losure of this Security Instrument or other transfer of ritle to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, �tablish, and use the Property as Borrower's principal residenc� within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Properiy) and shall continue to accupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Bonower shall also be in default if Borrower, during the loan applicarion process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in conn�tion with the loan evidencefl by the Note, including, but not limited to, representations conceming Borrower's occupancy of the Property as a principal residence. If tlus Security Instrument is on a leasehold, Borrower shall cflmply with the provisions of the lease. If Borrower acquires f� title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The prQr,eeds of any award or claim for damages, direct or consequential, in conne�tion with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnarion, aze hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Se�urity Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts appliefl in the order provided in paragraph 3, and then to prepayment of principal. Any application of the procceds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in paragraph 2, or change the amount of such payments. Any excess proce�s over an amount requirefl to pay all outstanding indebtedness under the Note and this Security Instivment shall be paid to the entity legally enritled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Bonower shall pay all governmental or municipal charges, fines and impositions that aze not included in paragraph 2. Bonower shall pay these obligations on time dir�tly to the entity which is owe� the payment. If failure to pay would adversely affe�t Lender's interest in the Property, upon Lender's request Bonower shall promptly fiunish to Lender receipts evidencing these payments. If Bonower fails to make these payments or the payments required by paragraph 2, or fails to perform any other covenants and agr�ments contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a procceding in bankruptcy, for condemnarion or to enforce laws or regulations), then Lender may do and pay whatever is necessary to prot�t the value of the Property and Lender's rights in the Property, including payment of taxes, hazazd inc„rar,ce and other items mention�i in paragraph 2. FHA Deed of Trust-NE VMP � Woltere Kluwer Flnancial Services aise VMP4R(NE) (1109) Pege 4 of 10 i �. ' P i . ..� .. f,� �. i'I ,�.